Martin Lewis: Save £200 in minutes by switching to THIS bank – but you have to act fast

MARTIN LEWIS, Money Saving Expert, advised viewers on This Morning on how to save £200, but warned they only had until this Sunday to to do it. Martin, also known as MSE, recommended one bank in particular – HSBC – gave the biggest free cash bonus, but this is about to change.

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Martin Lewis said you can get a £200 cash bonus for free just by switching to HSBC

“The next to go is HSBC, which until Sunday (25 March) is giving up to £200 if you switch to its Advance account – this is by far the biggest free cash bonus on the market.

“You get the first £150 up front, then if you’ve stayed with it a year, register for online or mobile banking and pay in a minimum £1,750/month (equivalent to £26,100 salary) you’ll get another £50.

“It also lets you save up to £250 per month in its linked 5% fixed regular savings account, and some also get a six month 0 per cent overdraft.

“Switching accounts is easy. Within seven days your old account is closed, any direct debits and standing orders are moved across and any payments going to your old account is auto-forwarded to your new one.

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Martin Lewis: He explained you could make an easy £200 through switching banks

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“Plus remember when opening a bank account you will be credit scored,” added the Money Saving Expert.

Martin Lewis also advised on how to save 20 per cent on a Family and Friends railcard ahead of Good Friday on Friday 30 March.

He said “Go online to the Family & Friends Railcard website and enter the code EASTER20 before 11.59pm next Friday (30 March), and you’ll be able to get an annual Family & Friends Railcard for £24, which usually costs £30.

“The railcard gets you a third off train tickets for up to four adults when travelling together with up to four children aged 5-15 getting 60 per cent off.

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Martin Lewis: You could bag £200 easily through switching banks

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Martin Lewis: The Money Saving Expert also explained how to save money on a railcard

“Even if you don’t use the train that often, just one rail trip costing over £72 can save you more than the £24 you'll have paid for the railcard.”

He said: ““Support for Mortgage Interest (SMI) is paid to around 124,000 households on certain benefits to cover their mortgage interest. On 6 April it will stop being a benefit and become a low interest loan repaid when you sell your house, transfer it or die.

“Yet even if you get the payments now, they will stop, possibly within weeks, if you don’t sign up to a loan agreement form.

“Most people should’ve received letters from the Government. If not you can get one by calling 0800 731 0469 if you're over the state pension age, or 0800 169 0310 if you're working age. You will also receive a phone call from Serco (company working on behalf of DWP) to explain your options and how the loan will work.”